Verizon Outbids AT&T For Nationwide 5G Wireless Spectrum

Verizon has agreed to pay $3.1 billion for wireless spectrum holder Straight Path Communications, beating out rival AT&T, which had offered to buy Straight Path for $1.6 billion in stock. Verizon’s acquisition will give it access to the frequencies necessary to build a 5G network across the U.S. The Verge reports: The news that AT&T was aiming to buy the Glen Allen, VA-based Straight Path was first reported last month, prompting a bidding war between the carriers that the WSJ describes as “unusually intense.” Straight Path’s purchase gives Verizon access to millimeter wave frequencies that are set to be used by 5G networks across the United States, making it a useful purchase from the start. Experts have also noted that the company’s owner may also be afforded even more spectrum in future auctions with the FCC, potentially giving Verizon access to the entire 39GHz band down the line.